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Common Council Supports Foreclosure Moratorium
Topics in Legal News | 2010/10/14 01:06

Thousands of people in Milwaukee are struggling to keep their homes as the city's Common Council calls for drastic action -- a nationwide moratorium on foreclosures.

Officials said more than 6,000 people are in the foreclosure process.

"There are about 5,000 homes currently now in foreclosure that are actually in the city's hands," said Urban Economic Development Association Executive Director Bill Johnson.

WISN 12 News spoke with a homeowner who is facing foreclosure after her husband lost his job.

The woman said the couple contacted their bank to see if they could work out a solution to no avail. She said they eventually had to file for bankruptcy as they desperately tried to modify their home loan.

The woman said the process took about a year, created mounds of paperwork and the couple received no communication from the bank.

Eventually, she said the bank told them they could modify the loan but the end result would cost them more than what their mortgage already was.



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